Two More Sentenced In Colorado Straw Buyer Flipping Scam

In Colorado, The Denver Post recently reported that a Denver Federal judge sentenced Taiwan Lee (30 months) and Talita James (27 months) to federal prison terms in connection with a mortgage fraud conspiracy that devastated the Villas at Cherry Creek neighborhood, a 100 villa, gated community overlooking Cherry Creek State Park, with foreclosures. Both participated in the scheme as straw buyers; the scheme allegedly purchased 17 homes at inflated prices and took $2.1 million from the excess proceeds.

To date, eight people have pleaded guilty to felony charges in a continuing federal investigation. Developer Timothy Todd DeNeui and Jerrold Minney, a real estate broker who helped sell the villas, have denied knowing the buyers were engaged in a fraud conspiracy.

For more, see Two sentenced in mortgage fraud (Taiwan Lee and Talita James get federal prison terms for a scheme that led to foreclosures at Villas at Cherry Creek).

For an earlier Denver Post story on the devestation and subsequent revitalization of the Villas at Cherry Creek community, see Villas close on better future.